Diminished Car value claim in TX (Houston, Conroe: insurance, house, buying)

[smuggy_mba]

Hellow fellow Houstonians,

I have few questions about diminished car value claim. I was rear ended by another driver who had Liberty Mutual insurance. The damage assesment is $400. It's a 2006 Honda Accord with 80,000+ miles.
I was planning on buying a new car this thanksgiving or at the year end - another brand new Honda:

1.) How will this accident affect the value of my car since it will be on carfax?
2.) Can I claim diminished value in Texas?
3.) If yes, what's the process?

I had my fingers burnt a few years ago when I was rear ended in my other car, when I went to sell it - I got $2200 less then the KBB fair value. People would come and see the carfax and offer me 2000 less and some would just turn away. I don't want to make money but I also don't want to lose 2 grand like I did last time.

Thanks as always.

[marksmu]

Originally Posted by smuggy_mba

Hellow fellow Houstonians,

I have few questions about diminished car value claim. I was rear ended by another driver who had Liberty Mutual insurance. The damage assesment is $400. It's a 2006 Honda Accord with 80,000+ miles.
I was planning on buying a new car this thanksgiving or at the year end - another brand new Honda:

1.) How will this accident affect the value of my car since it will be on carfax?
2.) Can I claim diminished value in Texas?
3.) If yes, what's the process?

I had my fingers burnt a few years ago when I was rear ended in my other car, when I went to sell it - I got $2200 less then the KBB fair value. People would come and see the carfax and offer me 2000 less and some would just turn away. I don't want to make money but I also don't want to lose 2 grand like I did last time.

Thanks as always.

All you can do is sue...you cant sue until your claim is ripe, your claim is not ripe until someone wont pay you as much for the car due solely to the accident. Then you have to sue, handle costs of suit, and still prevail.

In the end all the insurance company has to legally do is put the vehicle in as close to the same condition as it was prior to the accident. Loss of future income is speculative and you can not win a claim on speculative damages.

Summation - you just lost another $2000.

[a_guerrajr]

sell it before it goes on the carfax.
depending on the damage it might pull up on Carfax as a major accident or a fender bender.

but in all honestly. get it fixed and sell it asap.

even then some dealers might do a paint test on it, and will notice it has body work.

[jtothemak]

A $400 claim is not going to show up on Car Fax, there is a set amount much higher than that is reported as an accident from your insurance company and/or repair shop. Why on earth are worried about fixing a $400 damage, it can't be much heck a small scratch on a bumper? It is not even worth get repaired probably.


However in the end it is not set in stone that carfax reporting something will diminish value it is the fact that if there is a wreck reported people are less likely to purchase the vehicle so will have lower offers and it can be harder to sell the vehicle.

[HoustonBornNRaised]

I filed a diminished value claim when my Nissan got rear-ended. It's been awhile, but I want to say the guy was located in Conroe.

The appraisal was around $350. He came out to my house and looked at the car after it had been repaired. Once we had his report, we took it to Carmax and had them appraise it as well. We got a couple of thousand from the insurance company, but we still lost money when we traded it in.

[smuggy_mba]

Originally Posted by HoustonBornNRaised

I filed a diminished value claim when my Nissan got rear-ended. It's been awhile, but I want to say the guy was located in Conroe.

The appraisal was around $350. He came out to my house and looked at the car after it had been repaired. Once we had his report, we took it to Carmax and had them appraise it as well. We got a couple of thousand from the insurance company, but we still lost money when we traded it in.

Did you file a claim the small claims court or did you just deak with the insurance company? How did the insurance company agree to pay $2000.

[HoustonBornNRaised]

Originally Posted by smuggy_mba

Did you file a claim the small claims court or did you just deak with the insurance company? How did the insurance company agree to pay $2000.

Again, it's been awhile, but I think I told the other insurance company that I wanted to file the claim, and they told me the steps that needed to be taken, which included getting an independent appraisal.

I can't remember if they gave me the exact amount that the appraiser said the car had depreciated, but it obviously wasn't enough of a difference for me to remember it, or feel the need to sue over. I know it was based off of what the car was worth now that it had been wrecked and could no longer be sold as a certified Nissan, subtracted from the trade-in value prior to it being wrecked.

[icrnk]

Originally Posted by marksmu

In the end all the insurance company has to legally do is put the vehicle in as close to the same condition as it was prior to the accident. Loss of future income is speculative and you can not win a claim on speculative damages.

Summation - you just lost another $2000.

This is false. Diminished value is recognized in Texas. As a consumer I would offer less for a vehicle that has been involved in an accident. Don't let insurance companies try to get out of their obligations. We pay them every month for a reason. Don't be a push over.

Sent u a pm Smuggy

[HoustonRonnie]

Take the money and run.

Ronnie

[Houstonkid]

How do you know it will even show up on CarFax? I had +-7000$ worth of paint and minor body work done (by a dealership body shop) to my last truck (it was stolen) Anyways, I kept the truck 4 more years and when I traded it in nothing showed on the Carfax.